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The Monetary Authority of Singapore (MAS) has released new requirements on the sale/ trading in listed and unlisted Specified Investment Products (SIPs) aimed at safeguarding the interests of Singapore retail investors. These new requirements will come into full effect on 1 January 2012. The classifications of listed and unlisted SIPs are as follows:

The new measures are to assess whether you have the relevant knowledge or experience to understand risks and features of SIPs by conducting:

A prescribed Customer Account Review (CAR) if you intend to trade in any listed SIPs

A prescribed Customer Knowledge Assessment (CKA) for a specific unlisted SIP if you intend to trade in that specific unlisted SIP

To be eligible for trading in listed and/or unlisted SIPs, you need at least 6 trades in any listed SIPs and/or 6 trades in CFDs and/or 6 trades in LFX in the preceding 3 years any brokers, or satisfy one of the following four criteria

Have a minimum of 3 consecutive years of working experience in the past 10 years In development of, structuring of, management of, sale of, trading of, research on or analysis of investment products, or the provision of training in investment products. Work experience in accountancy, actuarial science, treasury or financial risk management activities will also be considered relevant experience.Such working experience would also include provision of legal advice or possession of legal expertise on these areas.; or

Demonstrate sufficient understanding of the features and risks of derivatives through the ' SGX Online Education on SIPs ' for listed SIPs.

With effect from 1 January 2012, unless you have passed the CAR/CKA assessment, you will not be allowed to establish any new positions in the listed or unlisted SIPs and may only transact in such products to close out existing positions.

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